Trading volume of XRP (XRP) tokens on the South Korean crypto exchange Upbit has exceeded Bitcoin (BTC) in the past 24 hours, reaching a staggering $2.6 billion. This surge in trading volume comes in the wake of Ripple’s recent partial win against the United States Securities and Exchange Commission (SEC) in their long-standing court battle.
The XRP/KRW trading pair dominated the market on Upbit, accounting for 46% of all trading volume, while Bitcoin only managed to capture 5% of the total share. As XRP led the bullish momentum in the crypto market, it also paved the way for other altcoins to experience double-digit surges.
This buying frenzy was not limited to South Korea alone. XRP’s price witnessed a remarkable 92% surge on July 13, reaching a new one-year high of $0.91. Consequently, XRP climbed to the fourth place in the crypto market cap rankings, backed by a market cap growth of $21.2 billion, soaring to a new yearly high of $46.1 billion within hours of the court ruling.
The recent victory for Ripple Labs, which saw Judge Analisa Torres issuing a summary judgment in favor of Ripple, determined that the XRP token is not a security. However, it’s important to note that this ruling only applies to the token’s sales on digital asset exchanges. Nonetheless, this judgment brought relief to the XRP community, as the SEC lawsuit in 2020 led several crypto exchanges in the U.S. to delist the XRP token. Fortunately, exchanges such as Coinbase, Kraken, OKX, Gemini, and others have already announced their plans to relist XRP.
The crypto community joyfully celebrated this win, considering it a significant moment in history. However, some caution that this victory might be only partial, as the ruling by Judge Torres may not set a binding precedent. It’s also worth mentioning that the SEC has the option to appeal the judgment, potentially prolonging the legal battle.
Despite these uncertainties, the surge in XRP’s trading volume demonstrates the resilience and popularity of the token among investors. Its recent performance has reignited enthusiasm within the crypto space and showcased the potential for altcoins to make significant gains.
In conclusion, XRP’s trading volume on Upbit surpassing that of Bitcoin highlights the impact of Ripple’s recent court victory against the SEC. This triumph has reignited the bullish momentum in the market and led to XRP’s impressive price surge. While the crypto community embraces this moment, there remains some caution regarding the solidity of the judgment and the possibility of further legal challenges ahead. Nonetheless, XRP continues to assert its position as a prominent player in the crypto market, offering renewed hope for altcoins and investors alike.
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